Platinum is the latest precious metal to whip up volatility in global markets. While dust was still settling on the early-week decline in gold and silver, platinum rose 6.4%. The precious metal surged to $1,646 per ounce on the spot market. This intraday jump was the biggest on record since 2020.
Futures prices also rose, but by only 4.1%, leaving a highly unusual gap between physical and paper markets. The London spot premium over Nymex futures widened to more than $53 per ounce, nearly double the prior day's level. As these two markets typically trade in lockstep, the difference signaled a rush for physical metal.
